Turkey's Sisecam Builds Glass Manufacturer in Bulgaria

Turkey's Sisecam holding is expected to announce its plans for building a manufacturer of glass in Bulgaria on April 21, State Administration Minister Dimitar Kalchev said April 19.

At the beginning of next week representatives of the Turkish glass manufacturer will hand officially to Prime Minister Saxe-Coburg a letter, setting out their intentions. The first meeting of the Turkish delegation will be with Minister Kalchev and Pavel Ezekiev, chairman of the Bulgarian Foreign Investment Agency.

The manufacturer will be fired by Kaolin-Asenovo and will account for some 50%-60% of the production capacity of Kaolin.

This week it emerged that Turkey's Sisecam holding has selected Bulgaria for building a manufacturer of flat glass. The company was rather hesitant so far with Romania being Bulgaria's main contester.

The final decision of Sisecam holding was preceded and determined to a large extent by a Cabinet-inspired package of incentives and preferences for the investor.

An intergovernmental group was set up for support of Sisecam project in January, including greenfield investment in building up a manufacturer of flat glass.

The cost of the investment project is set at USD 100 M.

Sisecam holding's daughter companies are specialized in glass industry. The bulk of the company's output is for the developed markets - 66% in Europe and 9,9% in the United States of America.

600450 Turkey's Sisecam Builds Glass Manufacturer in Bulgaria glassonweb.com

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